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The
company's shares rose nearly 3% in premarket trade. The stock, a
hot favorite of retail investors, has risen about 26% so far
this year.
"The third quarter of 2023 is off to an explosive start with
"Barbie", "Oppenheimer", "Mission Impossible - Dead Reckoning
Part One", and "Sound of Freedom"," CEO Adam Aron said, adding
that July recorded the highest ever monthly revenue for AMC.
Movie theaters have been seeing a revival in footfall after an
uneven recovery from pandemic lows, thanks to a steady stream of
movie releases during the year.
AMC's second-quarter revenue rose 15.6% to $1.35 billion,
compared with analysts' estimates of $1.29 billion, according to
Refinitiv data.
The company reported a profit of 1 cent per share, compared with
a loss of 12 cents per share, a year earlier.
"AMC's glide path to eventual recovery continued with
significant pace in the second quarter of 2023 as our results
set new records and represent AMC's strongest second quarter in
four full years," Aron said.
Aron added that the U.S. movie industry is 20% ahead of where it
was last year and could propel even higher in the second half of
the year, unless the current writers and actors strikes delay
the release of movie titles into next year.
The strikes over pay in the streaming era have disrupted
production of scripted series for the fall TV season and halted
work on films.
(Reporting by Samrhitha Arunasalam in Bengaluru; Editing by
Shounak Dasgupta)
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